Used unit stocking plans

Summary

This article explains a method for dealing with Used Unit Stocking Plans.

More Information

Units: Unit is a general term used to cover all types of vehicle and machinery, including items such as motorcycles, scooters, cars, trucks, vans, caravans, motorhomes, boats, tractors, ATVs, agricultural equipment, wholegoods and construction equipment.

You will need to configure the system to allow you to indicate which units are in the plan, record the plan end date and post the finance received and due to a Balance Sheet Nominal Centre.

Configuration

Configure the system as described below:

Units in Plan

Create an Analysis Code to attach to units in the stocking plan, e.g. 'S - Stocking Plan'.

Follow the instructions in this article. Use whichever of the three analysis code positions you prefer. When running reports, you will be able to list units by this specific analysis code.

Plan End Date

Go to " Reports & Settings Maintenance Options System Administrator Module Settings Unit Sales Module Settings".

In "Search on" type 'SERV'.
Click [Search].
Click "Alternate Service type 5" then click [Edit].
Enter 'Plan End Date' then click [OK].

If this field is already being used, select one of the other four "Alternate Service type" fields.

Click [Done] and [Accept] the amendment.

Create a Stocking Plan Nominal Code

Follow this article to create a Nominal Code to use when posting the finance received and payments to the finance company.

It should be a Balance Sheet - (B) Asset/Liability code.

Assigning Units to the Stocking Plan

Unit Details

When you are informed that a unit is in a stocking plan, you need to attach the analysis code to the unit record and record the Plan End date.

Go to " Unit Sales Add or Edit Units".

Search for the unit.
Click [Edit] then click on the [Details] tab.
Click on the relevant Analysis Code field.
Enter the "Analysis Code" as created in the configuration section, e.g. 'S'.
Click on the [Servicing] tab.
Enter the Plan End Date in the date field at the bottom of the screen.
Click [Done] and [Accept].

Posting Payments Received

When you receive the payment from the Stocking Company:

Go to " Nominal Ledger Journal Entries"

At "Entry mode", choose 'Multiple'.
Enter the "Centre" for the Bank Account into which the money has been paid.
Enter the amount received in the "Debit" column.
Enter the Stock Number of the unit in the "Comment" field.
On the next line enter the "Centre" you created for the Stocking Plan.
Enter the amount received in the "Credit" column.
Enter the Stock Number of the unit in the "Comment" field.
Click [Done] and [Accept].

Repeat these steps for each unit in the plan.

This creates a liability to the Stocking Company on your Balance Sheet.

Viewing Units in the Plan

Go to " Unit Sales Unit Reports".

Click [Reports].
Click [Alter Report Range].
Press <F4>.
Enter the analysis code for the Stocking Plan in the relevant analysis field.
Click [Close].
Fill in the other filters as appropriate. e.g. enter 'STO' on "Statuses Included" to report on 'In Stock' units only.
Press <Esc> then select a report to run.

- The "Unit Report (Brief)" can be used to list the units on the plan.
- The "Sales Report" can be used to list all units sold in a given date range which are on the Stocking Plan. You will usually need to repay the Stocking Company for these units once they are sold.

Alternatively go to " Unit Sales Unit Reports Unit Sales Report Generator".

Type 'Stocking' and click [Search].
If you do not have a suitable 'Stocking Plan' report, please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page for advice.

Making a payment to the Stocking Company

When you sell a unit or it reaches the plan end date, you will need to repay the Stocking Company:

Go to " Nominal Ledger Journal Entries".

At "Entry mode", choose 'Multiple'.
Enter the "Centre" for the Bank Account you are using to pay the Stocking Company.
Enter the amount paid in the "Credit" column.
Enter the Stock Number of the unit in the "Comment" field.
On the next line enter the "Centre" you created for the Stocking Plan.
Enter the amount paid in the "Debit" column.
Enter the Stock Number of the unit in the "Comment" field.
Click [Done] and [Accept].

This reduces the liability to the Stocking Company on your Balance Sheet.

You will also need to remove the unit from the stocking plan.

Go to " Unit Sales Add or Edit Units".

Search for the unit.
Click [Edit] then click on the [Details] tab.
Click on the relevant Analysis Code field.
Remove the "Analysis Code" from the field.
Click [Done] and [Accept].

Viewing the Balance Owed

Go to " Nominal Ledger Nominal Review".

Enter the Stocking Plan Nominal Centre in both "Centre from" and "Centre to".
Press <Enter> then click [Search].
The "Cumulative Bal." shows the current liability.

Used unit stocking plans

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